Colliers International Group is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. (image: Korea Bizwire)
TORONTO, Jul. 7 (Korea Bizwire) — Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) announced today that it has acquired IDB Management (“IDB”), a leading asset and property management firm in Belgium. As part of the transaction, IDB will be rebranded as Colliers International and the principals will lead its asset and property management segment going forward. The terms of the transaction were not disclosed.
“We have known the team at IDB for a long time. Their culture of professionalism, integrity and focus on client excellence was a natural fit with our own operations and we look forward to integrating them into the Colliers family,” said Pierre-Gilles Solvit, CEO of Colliers Belgium. “As we continue to expand our service capability in Belgium, the addition of IDB’s service offerings complements our existing business and positions us well for future growth.”
“As we looked to take our business to the next level, it became clear that Colliers was the best partner for our clients and people. Their enterprising approach to client service aligns well with our own model of delivering flexible and entrepreneurial services,” said Renaud d’Argembeau, CEO of IDB. “We serve a prestigious list of international institutional clients and now, as part of the Colliers global platform, we will have the ability to expand client relationships beyond Belgium to other global markets.”
“The Benelux region remains an important market in Europe,” said Chris McLernon, CEO of the EMEA for Colliers International. “Strengthening our capability and service offerings, particularly in the area of asset and property management, is essential to our strategy of delivering customized asset and property management services seamlessly to clients throughout Europe and the rest of the world,” he concluded.
About Colliers International Group
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant inside ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
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Advisory Regarding Forward-Looking Information
Information in this press release that is not a historical fact is “forward-looking information”. Words such as “plans”, “intends”, “outlook”, “expects”, “anticipates”, “estimates”, “believes”, “likely”, “should”, “could”, “will”, “may” and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information in this press release is based on current objectives, strategies, expectations and assumptions which management considers appropriate and reasonable at the time. The forward-looking information in this press release includes, but is not limited to, statements with respect to the expected future attributes of Colliers.
By its nature, forward-looking information is subject to risks and uncertainties which may be beyond the ability of Colliers to control or predict. The actual results, performance or achievements of Colliers could differ materially from those expressed or implied by forward-looking information. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: the operations and financial condition of Colliers as a separately traded public company; business cycles, including general economic conditions in the countries in which Colliers operates, which will, among other things, impact demand for services and the cost of providing services; the ability of Colliers to implement its business strategy, including its ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations; changes in foreign exchange rates; increased competition; credit of third parties; changes in interest rates; and the availability of financing. Additional information on certain of these factors and other risks and uncertainties that could cause actual results or events to differ from current expectations can be found in Old FirstService’s Annual Information Form for the year ended December 31, 2014 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Certain risks and uncertainties specific to the arrangement transaction, Colliers and New FirstService are further described in the Management Information Circular of Old FirstService dated March 16, 2015. Other factors, risks and uncertainties not presently known to Colliers or that Colliers currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Colliers disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
CONTACT: GLOBAL CONTACT:
John B. Friedrichsen
Chief Financial Officer
(416) 960-9500
EMEA CONTACT:
Chris McLernon
CEO, Colliers International EMEA
44 20 7487 1651
BELGIUM CONTACT:
Lauriane Douchamps
Luna Agency
33 2 658 02 91
Source: Colliers International Group via GLOBE NEWSWIRE
